Sher Lock’s Expose – Part 1
Finally… the proof that everyone has been waiting for is here. The infamous documents that will prove what I have been saying all along. No more Abangan… The time has finally come.
But before that… :), do allow me a moment to gloat. After all, I got bashed a lot for my FB posts. Some even went all out and created an entire blog site in my honor! On and on they went and called me names, really vicious names. In the future, make sure “liar” ain’t one of them, eh? Ref. https://youtu.be/KltsajVjgDA
Access the Truth, Iglesia ni Cristo blogspot, OWE ministers and followers, did you really think I was just bluffing? Why did you think no one took me up on my challenge? I could wait for that elusive bank waiver until I grow roots and it still wouldn’t come. Know why? Because the loans are real, as everyone else will see now. I can tell you who didn’t think of my jabs in FB as bluff – the people who took out the loans themselves! Come on, people… You know who you are. I was holding out, waiting for you to come to your senses to avoid this embarrassment. But you chose to keep silent. You chose to ignore. And now, my patience has run out.
In all seriousness, my findings did not make me happy. Actually, I almost felt sick reading these loan documents. I felt as though the Administration has sold the very soul of the Church. They knew what they have done, yet they continued to deny, mislead, and deceive the brethren. Do they think they could take their secrets to their grave? Do they think they could hide them from God? In a verse read during a recent lesson where they try to intimidate the thinking voters who plan to silently express their defiance of the “sold” bloc vote on Election Day, it says:
Read on and let’s confirm to whom this verse really applies.
Evidence of Church Properties Used as Collateral
These are but a small sample among the hundreds of properties owned by “Iglesia ni Cristo” which were used as collateral for loans with Metrobank and AUB. In particular, the ones shown below are among a very long list of properties used to secure an ADDITIONAL P3 BILLION LOAN with Metrobank and an ADDITIONAL P2 BILLION LOAN with AUB. Remember the word “ADDITIONAL” because that’s significant and I will get back to that later.
Let’s study the first one.
- TCT RT-113559
Take note that this property was purchased during the time of God’s Last Messenger, Bro. Felix Y. Manalo back in 1944 and preserved by his successor, Bro. Erano G. Manalo. The property is now worth close to P10 million! Under the Administration of the current Executive Minister, Bro. Eduardo V. Manalo, this property, along with many others, are at risk of foreclosure if obligations under the loans with Metrobank and AUB secured by this property are not paid in full and on time by INC!
This is the Encumbrances Page on this property.
Let‘s take a closer look. Here’s the top portion of the Encumbrances Page:
This tells us this property was used to guarantee a principal obligation for THREE BILLION PESOS (P3,000,000,000) with METROPOLITAN BANK & TRUST COMPANY and that this is based on a loan agreement called Second Amendment to Omnibus Loan and Security Agreement among 6 parties:
- Maligaya Development Corporation,
- Metropolitan Bank & Trust Company,
- Iglesia ni Cristo,
- Felix Manalo Foundation, Inc.,
- New Era University
- Metropolitan Bank & Trust Company – Trust Banking Group.
“THREE BILLION?! Why did we need so much money? What about our offerings? Why did we have to borrow money? We never did that before! Why are so many companies involved in the loan? Why did we have to mortgage this and other properties?”
I am sure you are asking yourself these questions now.
Before we answer them, let us first take a look at the bottom half of the Encumbrances Page.
This shows very similar information as the top part of the page except this time, the mortgagee is ASIA UNITED BANK CORPORATION (“AUB”) and the amount of the loan being secured is TWO BILLION PESOS (P2,000,000,000).
This means the same property is used to secure two loans – one with Metrobank and the other, with AUB. You will see a similar situation in the other properties we will show here, i.e., the same set of properties are used to secure the P3 BILLION loan with Metrobank and the P2 BILLION loan with AUB, or a total of FIVE BILLION PESOS!
Here is a copy of the entire TCT. TCT-RT-113559
Now, you might ask, how do I know this document is authentic? That’s easy. First look at the bottom of each page. Here’s an example. This is how you can tell if a document is authentic. It is certified true and correct by a government authority, in this case, the Registry of Deeds.
For the skeptics among you, it is easy to get a certified true copy of any TCT. Just walk in to the Registry of Deeds closest to your location, request one and pay the fee. Usually, you’ll get it the same day.
At this point, you are probably in shock. Hold the shock for a bit and let’s take a look at another example, actually, two more TCTs. The two lots are adjacent to each other and were appraised together.
- TCT V-106653
Here’s the Encumbrances page:
Here’s the bottom half.
Here’s the entire TCT. TCT-V-106653
It tells a similar story as the one in #1. This property is also used as collateral to secure principal obligations of P3 BILLION and P2 BILLION with Metrobank and AUB, respectively. These annotations are based on the Second Amendment to the Omnibus Loan and Security Agreement dated March 31, 2014 – one with Metrobank and another one with AUB.
Note that this property is described as a “Prayer Meeting Room”.
Here’s the adjacent property which together with #2 are appraised at a whopping P48 Million!
Here’s the Encumbrances Page:
Here’s the top half:
And here’s the bottom half:
Here’s the entire TCT. TCT-V-106654
At this point, I would also like to ping Access the Truth and INC blogspot hosts and OWE followers. What do you think now? Cat got your tongue? Save your comment. I have many more documents coming. I’m just starting.
Note: Please scroll to the bottom of this article for more encumbered properties.
Previous Executive Ministers abhor debt
Now, together, let’s recall what Bro. Erano G. Manalo said about mortgaging of Church properties, as he reminisces and heeds the wise counsel of his father and God’s Last Messenger:
“Ang INC ay walang UTANG sa kahit anumang bangko…ang INC ay hindi nagsasanla ng mga titulo ng lupa para lamang makakuha ng pondo…bukas ang opisina, at kapag nakita kayong kahit isang titulo ng lupa na may marka ng pagkakasanla… maghiwa-hiwalay na tayo…” (The INC has no loan at any bank. The INC does not mortgage land titles just to raise funds… the office is open and if you see even one title that has a mark of being mortgaged… we shall part ways)
Unfortunately, the current Executive Minister, Bro. Eduardo, did not inherit his father and his grandfather’s financial acumen. IN LESS THAN FIVE[i] YEARS, NOT ONLY DID HE EMPTY THE CHURCH COFFERS, HE ALSO BURIED THE CHURCH IN A MOUNTAIN OF DEBT!
Now brethren, the next time you put your hard-earned money into the offering pouch or offering box, think twice. Is your money really going where it’s supposed to go? Why are offerings no longer enough to finance the building of new chapels, or maintenance of existing chapels, unlike during the time of the previous administrations? Why is the once very liquid, cash-rich, debt-free Iglesia ni Cristo all of a sudden mired in multi-billion debt?
First, we discovered that the current Administration sold Church properties to raise funds.
But now, the Church Administration couldn’t even wait around for buyers anymore. They needed the funds right away they were willing to risk losing literally hundreds of Church properties just to get the funds they needed. And whatever they needed the funds for, they needed it right away. And, they could not be sustained by our bi-weekly offerings. Money wasn’t coming in fast enough and whatever was coming in, wasn’t enough. Not even when supplemented with the never-ending special, special offerings. Why the sense of urgency? What did the Church Administration do with FIVE BILLION PESOS??? And this is not all. There are more loans! Also in the billions! Where did all these money go??? SHOW ME THE MONEY!!!
Now that the Church is staggering in debt, just how do our Church leaders expect to pay them? Are they even able to pay older loans when due? These questions and more, we shall answer in the next parts of our expose. Stay tuned… Abangan!
In the meantime, here are the rest of the sample TCT’s that are encumbered. Let us all take a deep breath. I realise this is too much to take in all at once.
Here are copies of the TCTs above.
 Bro. Eduardo V. Manalo took office as Executive Minister in September 2009, and in less than 5 years into his office, these multi-billion loans were taken.